Estate of Brandes v. Commissioner
United States Tax Court
In 1977, D entered into a contract to sell a farm to her son, S. The purchase price was to be paid in installments, and the title to the property was held in escrow pending completion of such payments. D died in 1980 before all of the payments were made.
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In 1977, D entered into a contract to sell a farm to her son, S. The purchase price was to be paid in installments, and the title to the property was held in escrow pending completion of such payments. D died in 1980 before all of the payments were made. Held: 1. The value of D's rights under the contract of sale is includable in the estate; consequently, the estate is not entitled to value such rights as qualified real property under sec. 2032A, I.R.C. 1954. 2. Sec. 2036, I.R.C. 1954, is not applicable to the transfer of the farm since it constituted a bona fide sale for full consideration.
1Opinion of the Court
Estate of Elmira S. Brandes, Deceased, Robert S. Brandes, Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Brandes v. Commissioner
Docket No. 27513-84
United States Tax Court
87 T.C. 592; 1986 U.S. Tax Ct. LEXIS 54; 87 T.C. No. 33;
September 8, 1986, Filed
Decision will be entered for the respondent.
In 1977, D entered into a contract to sell a farm to her son, S. The purchase price was to be paid in installments, and the title to the property was held in escrow pending completion of such payments. D died in 1980 before all of the payments were made. Held:
1. The value…
2Cases cited7 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
- Union P. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1935
- Buckwalter v. CommissionerUnited States Tax Court · 1966
- Ennis v. CommissionerUnited States Tax Court · 1951
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